A visit to the Italian province of Vercelli to prepare for a ‘beauty contest’ (a competitive pitching process) proved to be anything but routine for our team of advisors.
The sale of Eudaimon, an Italian corporate welfare company, to Epassi Group Oy (Epassi), a Finnish leader in payment and employee service delivery systems, was a lesson in how to orchestrate a successful sale for all parties at break-neck pace.
Despite entering the picture late, advised on the sale at speed by gaining the trust of all parties and acting as the driving force behind the sell-side mandate.
Confidentiality is key
For all sellers, confidentiality can be crucial to protect the sale and maintain business value. It has the potential to affect customer and vendor relationships.
Controlling key information and guiding our clients through the process is something Clearwater is very familiar with. From the outset we secured the flow of information to meet this requirement.
Pressure to complete
Aside from our late entry into the process, there was another key factor at play.
The buyer, already backed by private equity fund Bregal Milestone, was being lined up for sale to TA Associates and Warburg Pincus LLC.
Before the sale was completed, they wanted to make sure the Eudaimon acquisition was complete. This very specific set of circumstances meant our team leant heavily on its experience. Both parties pushed our team. The question on everyone’s lips: “how fast could we orchestrate the process?”
Our response is a useful lesson for other businesses looking to sell at speed. Thanks to mutual trust built between all parties we secured the go-ahead to act on our terms. We ran the process completely, deciding which information we’d gather, and when.
We strategically targeted only what we viewed as the essential stages of the process. Our team worked around the clock to close the deal in three months.
Despite entering the picture late, Clearwater advised on a sale at speed by gaining the trust of all parties and acting as the driving force behind the sell-side mandate. As a result, a successful transaction was agreed that will secure Eudaimon’s future on the international stage.
The last to arrive
Ask any of our advisors and they’d tell you that while there are clear similarities, every assignment we undertake is different. Each requires the careful management of multiple stakeholders and an almost endless range of potential requirements.
One of the entrepreneur’s close connections introduced Eduaimon to Clearwater. At that time, Eudaimon was seeking support in their ongoing discussions with Epassi so that a competitive process was possible.
Securing the trust of the seller so quickly was a testament to our entire team. Receiving the mandate over our first meeting was undoubtedly a bonus.
Leveraging mutual trust
Before our intervention, the two parties had already met many times, laying the foundations for a relationship of mutual trust.
That level of personal connection between buyer and seller can be very useful. Yet, our role was clear: to ensure we secured the best deal for Eudaimon first and foremost.
It was the first time they had been involved in such a process. They needed to understand what their company was worth; the kind of information they would need to produce and share and the different conditions within the deal.
Eudaimon’s two main shareholders were both in the prime of their careers and wanted to secure the long-term future of the company for the next generations. Our team conveyed this message to Epassi and were able to gain alignment. Both parties agreed to partnership.
The Clearwater difference
